Bitcoin price under pressure, struggles to break past $34K range

The price of Bitcoin dropped Thursday following days of consolidation and low volatility.

Other cryptocurrencies followed suit, with ethereum sliding nearly 10% after a recent advance, and Tesla chief executive Elon Musk’s “pet” dogecoin also fell almost 10% on the day.

Bitcoin, the world’s most popular cryptocurrency, weakened as much as 7% to $32,408, retreating over 40% since it hit its all-time high of $64,000 in April as pressure grew.

Cracking the whip on crypto

After a fresh wave of a regulatory crackdown on crypto mining operations in China, bitcoin (BTC) saw a historic pressure readjustment of almost 30% Monday.

Bitcoin is having difficulty breaking out of the $34,000-range, trading at $34,617 as of 6:50 a.m. Eastern Time. Based on figures by Coinbase, bitcoin’s price has been range-bound between $33,198 and $35,908 over the last four days, with a five-day change of +2.4 percent.

The crypto is in a “consolidation phase between $30,000-$42,000 region and we expect it to spend the next few weeks testing this range on either side,” Pankaj Balani, chief executive officer of crypto derivatives platform Delta Exchange, said in quotes by Forbes.

Major spending

In other cryptocurrency news, more than $1 billion worth of digital assets has been spent by consumers worldwide in the past six months using crypto-connected Visa cards, a blog post by the credit and debit card company shows.

According to FOX Business, quoting Visa chief financial officer Vasant Prabhu in an interview, “cryptocurrency spending on daily purchases has grown ‘very fast’ after accounting for ‘almost nothing’ from the previous year.”

Meanwhile, as crypto market observers look for clearer indications in the broader market in the face of ongoing relative tranquility, crypto whales (individuals or companies with massive amounts of crypto holdings) are ostensibly buying.

 

Image courtesy of Cointelegraph News/YouTube

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